The contract extension that’s set to make John Wall the Wizards’ designated player has been finalized and the team will make it official Thursday at a news conference at Verizon Center, persons with knowledge of the situation confirmed to CSN Washington.

Wall, who has been training in Los Angeles during the off-season, already is in Washington for the announcement.

Are the Wizards betting on potential here? Yes, they’ve seen glimpses of it — in in his last 20 games last season Wall averaged 23.9 points per game on 48.3 percent shooting and 41.7 percent from three as his jump shot fell, plus he added 7.8 assists per game — and the Wizards are counting on more of that.

But the Wizards were also willing to overpay a little for a guy who was good for the team culture. Remember just a few years Washington was just a few years ago — they had the worst locker room in the NBA, with the Gilbert Arenas gun incident just being the most famous of the problems. That team also had a young JaVale McGee, Andray Blatche and Nick Young as “leaders.”

Wall is a professional, works hard at his game, is good in the community. He helps sell tickets, jerseys and sponsorships. He helped change the culture around that team. The Wizards needed that and if it costs a little more, so be it.